Afrinvest Asset Management Limited has unveiled its Halal Fund, a N2.5 billion open-ended unit trust scheme designed for investors seeking to grow their wealth following Islamic principles.

The fund, recently approved by the Securities and Exchange Commission (SEC), offers 25 million units at N100 per unit and represents the company’s fifth mutual fund product in the Nigerian market.

Speaking at a media briefing in Lagos, Group Managing Director of Afrinvest, Ike Chioke, described the launch as strategic, noting that the firm needed a product offering to support its northern operations.

“When we launched our Kano office two years ago, we found that we needed a product offering to support that office. When you are in the heart of Kano and a lot of your clients are coming to ask for ethical, faith-based investment options, you must have that available,” Chioke said.

The fund adheres strictly to Shari’ah investment guidelines and is supervised by an Advisory Committee of Experts (ACE), comprising renowned Islamic scholars with national and international experience. The committee issues annual certificates of compliance to ensure the fund’s alignment with Shari’ah ethical standards.

The manager of Afrinvest Kano state office, Kabir Ibrahim, who made the launch presentation, explained that the fund specifically targets investors seeking ethical, interest-free investment opportunities.

“This fund is Shari’ah-compliant, meaning you can still put your money in an investment that also protects your faith. You know that even though you are investing a minimum of N10,000, that money you are investing, you are sure where that money is going.

“The fund excludes investments in interest-based services such as alcohol, gambling, weapons, pork, tobacco, and adult content. Between 70 to 100 per cent of the fund will be invested in Shari’ah-compliant fixed income instruments, including Federal Government Sukuk, State Sukuk, and Corporate Sukuk, while 0 to 30 per cent will go into quoted stocks of Shari’ah-compliant companies,” he said.

Managing Director, Afrinvest, Chris Omoh, noted the fund’s accessibility as “investors can redeem units any time after the lock-in period, with payouts processed within five business days”.

“This is a game-changer for liquidity. The investment has a minimum subscription of 100 units (N10,000) with subsequent investments in multiples of 10 units. It features a 90-day lock-in period, with early redemption attracting a 1.5 per cent charge on income earned,” he said.